philex mining corp (PXMFF) Key Developments

Philex Mining Corporation Announces Unaudited Consolidated Earnings and Production Results for the Six Months Ended June 30, 2015

Jul 29 15

Philex Mining Corporation announced unaudited consolidated earnings and production results for the six months ended June 30, 2015. For the six month, the company reported revenue was PHP 4,482,269,000 compared with PHP 5,356,539,000 for the same period in the last year. Income before income tax was PHP 817,253,000 compared with PHP 826,247,000 for the same period in the last year. Net income attributable to equity holders was PHP 606,974,000 compared with PHP 626,949,000 for the same period in the last year. Basic and diluted earnings per share was PHP 0.1229 compared with PHP 0.1270 for the same period in the last year. Total consolidated revenues for the period amounted to PHP 4.886 billion compared to PHP 5.782 billion a year ago.
The company’s Padcal mine operated for 178 days in the first six months of 2015 and milled 4.47 million tonnes of ore. The tonnage translated to 53,689 ounces of gold produced as grades improved to 0.442 grams/tonne (g/t). Meanwhile, copper output reached 16.9 million pounds compared to 18.2 million pounds a year ago, with copper grade slightly lower at 0.206% compared to 0.218% a year ago.

Philex Mining Corp. announced resignation of Benjamin R. Garcia as SVP-Human Resources, effective August 31, 2015, due to some personal reason.

Philex Mining Corp. Announces Unaudited Consolidated Production and Earnings Results for the First Quarter Ended March 31, 2015

May 5 15

Philex Mining Corp. announced unaudited consolidated production and earnings results for the first quarter ended March 31, 2015. For the first quarter, total tonnes milled from the company's Padcal mine was 7% lower at 2,221,369 tonnes from 2,396,077 tonnes in 2014. Despite the 7% reduction in tonnes milled, gold production was only 2% lower at 25,997 ounces covering three full months of operation in 2015 from 26,442 ounces for the same period in 2014 due to the 7% improvement in recovery rate. While gold head grade at 0.435 grams per tonne in the first quarter of 2015 was 1% lower than last year's 0.439 grams per tonne, this decline was not as significant as originally expected. Likewise, copper production was lower at 8,361,419 pounds in 2015 compared with 9,468,009 pounds in 2014. The decrease in tonnage, coupled with the 9% lower head grade of 0.204% from 0.223% in 2014, resulted in the significant drop in copper production in 2015 against 2014, despite the 4% improvement in recovery rate.
For the quarter, the company reported net cash from operating activities of PHP 460,389,000 compared to PHP 1,259,046,000 a year ago. Additions to property, plant and equipment was PHP 317,620,000 compared to PHP 568,611,000 a year ago. For the first quarter of 2015, capital expenditures and explorations costs amounted to PHP 1.253 billion from PHP 1.530 billion in 2014. The company's core net income decreased 23% to PHP 214.5 million in 2015 compared with PHP 278.4 million in 2014 as a result largely of comparatively lower realized metal prices. Meanwhile, EBITDA amounted to PHP 718.1 million in the first quarter 2015 compared with PHP 907.8 million in 2014. The company's core net income and EBITDA excludes non-recurring transactions to clearly reflect and provide results based on the normal operating parameters of the business.

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